Norling & Bloom Co. v. Exchange Trust Co.

The plaintiff seeks in this suit in equity to establish as a preferred or priority claim an indebtedness of $2,000 due it from the defendants. The material facts as found by the master are these: The Exchange Trust Company, hereafter called the defendant, conducted a foreign exchange department as a part of its commercial facilities. On April 14, 1932, the plaintiff entered into four written contracts with the defendant to purchase an aggregate of 22,424.48 Dutch guilders to be delivered by the defendant to the plaintiff in different amounts on May 19, May 31, June 4, and July 27,1932. The…